Silver Inventory
COMEX, LBMA, China warehouse stocks and annual supply/demand context.
Visible silver inventory across COMEX, LBMA, and Chinese exchanges shapes short-term availability narratives. This page tracks registered and eligible warehouse stocks alongside annual supply and demand balances.
Annual supply
Source: editorial_seed
Annual demand
Source: editorial_seed
Annual balance
Source: editorial_seed
COMEX registered
Source: CME Group
Visible cushion est.
Source: BullionData est.
Silver supply deficit by year
| Year | Balance (Moz) |
|---|---|
| 2020 | 0.0 |
| 2021 | -35.0 |
| 2022 | -75.0 |
| 2023 | -95.0 |
| 2024 | -115.0 |
Annual figures are editorial seeds pending World Silver Survey licensing.
Visible inventory by vault system
| Date | COMEX reg. | COMEX elig. | LBMA | China | PSLV |
|---|---|---|---|---|---|
| 2025-12-31 | 85.2 | — | — | — | — |
| 2026-03-31 | 79.4 | — | — | — | — |
| 2026-05-30 | — | — | — | 428.0 | — |
| 2026-05-31 | — | — | 1,120.0 | — | — |
| 2026-06-01 | 76.8 | 312.5 | — | — | 95.3 |
Data as of each snapshot date. Sources: CME, LBMA, SHFE/SGE, Sprott.
Demand by category
| Category | Moz |
|---|---|
| Industrial | 560.0 |
| Jewelry | 185.0 |
| Investment | 220.0 |
| Photovoltaic | 175.0 |
Supply composition
| Source | Moz |
|---|---|
| Mine production | 840.0 |
| Recycling | 185.0 |
Annual silver supply and demand
| Year | Supply | Demand | Balance | Cumul. | Avg price |
|---|---|---|---|---|---|
| 2020 | 960.0 | 960.0 | 0.0 | -120.0 | $20.55 |
| 2021 | 965.0 | 1,000.0 | -35.0 | -155.0 | $25.14 |
| 2022 | 990.0 | 1,065.0 | -75.0 | -230.0 | $21.73 |
| 2023 | 1,010.0 | 1,105.0 | -95.0 | -325.0 | $23.35 |
| 2024 | 1,025.0 | 1,140.0 | -115.0 | -440.0 | $28.20 |
Source attribution per row. Confirm World Silver Survey licensing before publishing licensed figures.
Frequently asked questions
What is COMEX registered silver?
Registered silver is metal eligible for delivery against COMEX futures contracts and is held in approved warehouses.
Why does visible inventory matter?
Investors watch warehouse stocks as a rough gauge of near-term physical availability, especially during tight market conditions.